On roughly 10 acres in Holmby Hills, Owlwood was also the home of actor Tony Curtis and more recently Ameriquest Mortgage founder Roland Arnall.

The Owlwood estate in Los Angeles—containing a 1930s home once owned by the pop duo Sonny & Cher—has sold to a real-estate developer for $90 million.

The seller was Dawn Arnall, widow of Ameriquest Mortgage founder Roland Arnall, who died in 2008. Owlwood wasn’t listed in the local multiple listing service, but had been quietly marketed for $150 million for several years, most recently by Douglas Elliman Real Estate’s Ann H. Dashiell.

Located on roughly 10 acres in Holmby Hills, the roughly 12,200-square-foot, Italian Renaissance-style mansion has nine bedrooms, according to Stephen Kotler, chief revenue officer at Douglas Elliman. The gated estate also includes two guesthouses, a 70-foot-long swimming pool, two gatehouses and a sunken tennis court with changing rooms.

The property has a history of well-known owners. Actor Tony Curtis purchased the estate in the 1960s, then sold it in the 1970s to the then-married Sonny & Cher, according to the book “Unreal Estate: Money, Ambition, and the Lust for Land in Los Angeles” by Michael Gross. The Arnalls bought the house in 2002 along with two adjacent properties, including the former “Pink Palace” of actress Jayne Mansfield. They demolished Ms. Mansfield’s house and combined everything into one large estate.

The buyer is an affiliate of Woodbridge Luxury Homes, a Sherman Oaks-Calif.-based real-estate investment and development firm that is developing several spec homes, including one listed for $100 million. Woodbridge CEO Bob Shapiro said the company won’t demolish the mansion, but will likely renovate it and add square footage before putting it on the market again.

Mr. Shapiro said Owlwood’s prime location should insulate it from any market downturn. He added that Woodbridge decided not to bid on the Playboy Mansion—located less than a mile away—in part because of the requirement that Playboy Enterprises founder Hugh Hefner continue living there for the rest of his life. “This deal made a lot more sense,” Mr. Shapiro said. “It’s double the size and it doesn’t come with Hugh Hefner.”